012R | Introducing the Friday Roundup

012R _ Introducing the Friday Roundup

Introducing the Friday Roundup a crowd sourced community feedback based show

  • Our first Friday Roundup
  • Highlights from Frugalwoods episode
  • Frugality is not about deprivation
  • Freedom is the goal of financial independence
  • Different perspectives: Brad the naturally frugal and Jonathan the ‘reluctant frugalist’
  • Your life is so much less stressful with money in the bank
  • Email from Isaac: How have others responded to you being “openly FIRE” in your real life?
  • Email from Evan: Has some tax hacks he wants to pass along
  • Questions about travel rewards – do Chase points expire and how to transfer?
  • Update on Jonathan’s goal to lose 30 points by April 22nd
  • Update on Brad’s fitness goals
  • Update on Jonathan’s student loan payoff

Links from the show:

012 | Living Frugal Frugalwoods | Save 75% Of Your Take Home Pay

The Ultimate Guide to frugal living (ChooseFI cohost with Frugalwoods)

Living Frugal is a Powerful FI Tool

  • Liz from Frugalwoods coaches us through the ultimate guide to frugal living
  • The benefits of minimalism and living frugal
  • Frugalwoods family saving 70%+ of their income
  • Their conscious decision in March 2014 to pursue financial independence
  • Entirely possible to pursue living frugal anywhere including large metro cities. In fact these cities may have built in advantages like transportation
  • What is the difference between someone who saves 70%+ and everyone else?
  • First ask ‘where you want to be’
  • Not a sacrifice but a reorientation of how you spend and your priorities
  • The benefits of living frugal: happiness & joy
  • How they actually moved forward in March 2014 with their newly ultra-frugal lifestyle
  • How the Frugalwoods family saves on food & groceries
  • Does it make sense to pay off your mortgage?
  • How they spend nearly $0 on entertainment
  • Bring your own food to work every day and save $20+ per day
  • No car payments & buying used cars
  • Buying nearly everything used
  • No impulse buying – wait 72 hours after you want to make a purchase
  • Embracing imperfection: why & how they cut each other’s hair
  • living frugal can simplify and streamline life
  • The Frugalwoods homestead in Vermont
  • Educating yourself when making a major purchase
  • You don’t need to spend money to be happy: frugal substitutions

    Hot Seat Questions

  • Favorite Life Hack
    • Hacking the soda stream

 

Links from the show:

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Thanks 

Jonathan & Brad

011 | Welcome To The Hot seat

Best Financial Independence Podcast

 

Jonathan and Brad introduce a new segment called… “The Hotseat” then answer the questions ourselves

  • Future guests and how our interviews will be different than other podcasts
  • Introduction to the “hot seat”
  • What’s your favorite blog that you’re currently reading?
  • What is your favorite article of all time
  • Favorite Life Hack
  • Biggest financial mistake
  • What advice would you give to your younger self?

Links from the show:

Use Fiverr for Voice Overs

 

Books Mentioned in the Show:

010 | Skinny Waist, Fat Wallet (How to Lose 30 lbs in 3 months)

How to lose 30 lbs in 3 months on a budget


Why do we make weight loss and fitness so complicated and expensive?

Jonathan and Brad cut through the noise and share their strategies to stay lean and fit on a budget

  • Fitness and nutrition from a financial independence mindset
  • Jonathan’s quest to lose 30 pounds in the 3 months leading up to his son’s birth
  • JD Roth’s talk at the Camp Mustache event to create a personal mission statement
  • Jonathan’s post-it note goals for his next 3 months of losing weight
  • Be intentional about your goals
  • Eating to live, not living to eat
  • The dangers of carbs and processed sugar
  • Frugal, ripped, lean and wealthy
  • Set a goal and find some accountability partners
  • Brad’s goals: 15 pullups and a six-minute mile
  • Go to sleep on an empty stomach: benefits and discussion
  • Drink more water: ½ to 1 gallon per day
  • How to eat a better breakfast and why to avoid sugar and carbs
  • 24 hour fast one day per week in Jonathan’s plan
  • Bulletproof Coffee, intermittent fasting and ketosis
  • Prepare your meals ahead of time
  • Avoid a deprivation mindset
  • Movement is essential
  • Take breaks during the workday to walk
  • Interval training: HIIT on treadmill
  • The benefits of lifting weights
  • Building exercise into your day
  • Take these actionable tips and implement them

Links from the show:

Books Mentioned in the Show:

009 | Travel Rewards: How To Travel The World For Free (The Easy Way)

The Ultimate Podcast for Travel Rewards

This is the Ultimate Guide to Travel the World for Nearly Free

  • Why Jonathan started with travel rewards:
  • Wife’s family in Zimbabwe: $6,000 in flights every two years
  • What is this travel rewards strategy all about?
  • Minimum spending requirement defined
  • Options to meet minimum spending requirement
  • Return on investment: instead of 1.5% rewards, you can earn upwards of 33%
  • Impact on credit score and Brad’s personal experience
  • Is this strategy right for you?
  • The Chase Gauntlet and why you want to focus on Chase cards first
  • Where to start? Chase Ultimate Rewards
  • How to earn the Southwest Companion Pass (and the value of the pass)
  • Business credit cards
  • Ultimate Rewards points and three ways to redeem them
  • Jonathan’s trip to Zimbabwe: Helping him save $6k in 5 minutes
  • How to search for flights at United’s website
  • If this strategy can take Jonathan to Zimbabwe, it can take you anywhere!
  • Other destinations with ‘sweet spot’ options: Costa Rica, Hawaii, Europe
  • If you want to take 1-2 nearly free vacations per year, this strategy is right for you

Links from the show:

Introducing Travel Rewards and the Chase Gauntlet

 

If you have a specific question about travel rewards, join our Private Facebook Group

Ask a question

 

008 | Avoid Bank Fees at All Cost

how to avoid bank fees

 

Bank Fees and fees generally are the financial equivalent of death by a thousand cuts. AVOID THEM – Here's how

  • Don’t piss off the accountant: Bank Fees
  • Americans spent $32 Billion in overdraft fees in 2016
  • Bank accounts and credit cards should be financial tools you use for free
  • Overdraft fees mean you have no money and the bank is loaning you money for $35 at a time
  • If you don’t have $1,000 in savings you have an emergency
  • Jonathan had one overdraft in 2016 but his system for putting it on a credit card avoided a fee
  • One fee leads to another. Come up with an action plan to avoid them
  • If you get hit with a fee, call your bank to ask them to waive it
  • If you threaten to leave your bank over a fee, they will almost always waive it
  • Determine if you need a local branch for your bank to save more money
  • If you’re getting hit with any fees, you need to sit down with your banker to come up with a plan

Links from the show:

007 | America’s Food Obsession | How to Crush Your Grocery Bill

Why you need to take a hard look at your Grocery Bill, and Restaurant Budget and how to to crush it

  • America’s food obsession: We’re fat and broke
  • How Brad’s family saves money on food
    • Being smart with ingredients. Buy in season
    • How often does Brad’s family go out to eat?
    • Go out for lunch instead of dinner
    • Emergency meals in extra freezer
    • Being efficient shopping at one store. Cut down on business
    • Plan out the 2-3 meals you want to cook for the week
    • Index of Top 50 recipes (A++ recipes) to cook
    • Getting five nights of dinner out of cooking two meals
  • Jonathan’s plan: cook for multiple nights and don’t waste food
    • The waistline test and the fridge test
    • Food budget programs
    • Making food prep psychologically easy. Simplicity is key
    • The Ultimate Costco Meal Plan and 10 items Jonathan buys
      • 31 loaves of bread from one 25-pound bag of flour, 18 cents per loaf
    • Find out your price per unit on your staple foods
    • Jonathan doesn’t eat out at restaurants where he needs to leave a tip (goes to Chipotle and Panera)
    • Health consequences – don’t overeat
    • To cut down on portions, plan for leftovers
  • Take willpower out of decision-making
  • Small tweaks to make your life better over years
  • Healthy lifestyle saves money on healthcare

Links from the show:

006 | The Power of Partnerships | ChooseFI Origin Story

Find a Partner and Start a Business

We share the origin story of ChooseFI. The how and why we decided to partner on this

  • The Power of Partnerships
  • How Brad and Jonathan met
  • Our decision to partner up on Choose FI
  • The importance of taking action
  • The value of personal relationships in an online world
  • What to look for in a partner
  • Complementary skills and how it can help beat the learning curve
  • How to find a partner in your niche
  • Find people you connect with and meet in person if possible
  • Split up the duties in the partnership to create an effective partnership
  • Partnerships likely aren’t going to be 50%/50% in time spent, but you can still add value
  • Have an understanding from the outset what the partnership will entail to avoid problems down the road

Links from the show:

005 | Why Everyone Needs Dave Ramsey and Why You Should Ignore Him

Dave Ramsey Baby Steps ChooseFI

We discuss where ChooseFI and Dave Ramsey agree and disagree.

  • Dave Ramsey and Jonathan’s history following him
  • Dave’s unyielding stance on debt: don’t do it
  • Review and evaluate Dave’s teaching philosophies
  • Baby Step 1: Get an emergency fund of $1,000
  • Baby Step 2: Pay off all your debt except for your mortgage
  • Explanation of the Debt Snowball
  • Our hybrid approach to the Debt Snowball vs. Debt Avalanche
  • Advice isn’t “one size fits all.”  You need to figure out what works for you!
  • The 4% rule explained and the impact on financial independence
  • Dave Ramsey says to not take advantage of 401k match if you’re paying off debt
  • The math of personal finance vs. the psychology of personal finance
  • Baby Step 3: Get 3-6 months of expenses in savings
  • Our personal emergency fund strategies
  • Baby Step 4: Invest 15% of household income into Roth IRAs and pre-tax retirement funds
  • Baby Step 5: College funding for children
  • Baby Step 6: Pay off your home mortgage early
  • Baby Step 7: Build wealth and give
  • Please leave us a written review on Itunes to help the podcast grow

Corrections from the show

Roth's do not require any seasoning period. You can withdraw your initial contributions tax free at any time for any reason. It does not have to season for five years. Practically this makes the Roth even more powerful as a possible savings vehicle during your teens and college years when your tax rate is very low

Links from the show:

Books Mentioned in the Show:

004 | Get Off The Hamster Wheel | Jonathan Backstory

how-to-pay-off-student-loans

In Today’s Podcast we cover:

Jonathan shares his origin story from and how he graduated from pharmacy school in 2013 with $168,000 student loan debt and how he payed them off in less than 5 years

How did he get to that point?

‘Followed the rules’ to get his pharmacy degree but came out owing $1,000 per month in interest
You don’t have as much money as you think: the impact of taxes
How many years of work he gave up to pursue advanced degree and then pay down the debt just to get back to $0 net worth
Would there have been a more efficient way to earn a $100k+ income?
How Brad saved 90% of his income the first 2 years living at home and how it set him up for life
Jonathan paid off his $168k of student loan debt in 3.5 years (!)

What it takes:

Incredible focus & intensity
Create metrics to track to make paying down debt a fun game

He looked at every single monthly expense to see if they could save money
They were able to cut their cost of living from $60k per year to $38k per year
Is there a need for an emergency fund?
Differences in financial personality types
When loans are paid off where does he go from here?
Plans for 2017: emergency fund, create blog and podcast, create new streams of income

Links from the show:

ChooseFI debt pay down excel file

Click here to watch the  video tutorial to show you how to update and use this tool.

 

Tweetable Quotes:

I wanted to be “successful” and I put all my hopes and dreams into being that person
Are you doing it because America and our culture tells you you have to?
Marry someone that is more frugal than you – that’s a great tip!
My goal is to have five passive streams of income moving out of 2017